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3 Ways to Power Your Payroll Performance with HR Technology

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In today’s business landscape, an agile workforce needs an agile workplace. Whether you’re a large multinational organisation or a small, growing business, we must all adapt to the changing demands of the workforce. Employees are looking for fast-paced and fluid environments that can cater for the ever increasing gig economy, alongside the growth of short-term or freelance contracts that fit around the specific needs of individual employees.

This is where HR tech comes in, providing the fluidity demanded by the employees of today while ensuring that HR remains people-centric. For example with the workforce becoming increasingly diverse, its needs are becoming equally varied. With multiple contracts, a variety of pay-days and tailored benefits and compensation packages, HR technology ensures that all of these complexities are manageable and each employee is catered for.

Keeping up can seem a never ending task, but with the support of technology, HR and payroll professionals can rest assured that their employees are receiving the support they require and that their operations and processes are compliant around the globe.

But, for many businesses it may be difficult to work out where to start when looking to invest in the technology that provides the right support for them and their employees. There are three key areas to consider when looking to power your payroll performance with HR technology.

    HR Alignment:

    Before implementing new technology, it’s important to ask yourself what the business really needs from the HR system, how complicated the technology needs to be, and how this strategy aligns with the company’s focus. As a business grows, HR can play an integral part in the overall business goals. With technology solutions helping HR to realise its true potential, the data and reports can be utilised to provide future insight and inform the business goals of the future.

    HR is not something to be considered as a business add-on, in fact it deserves an integral seat at the boardroom table with the insights it can bring. For example, with analysis extrapolated from month-on-month labour costs, anomalies due to employee absences or accidents can be highlighted and investigated swiftly to minimise any spikes in costs as much as possible. Additionally, with HR being a people-centric business, efficient and reactive HR processes precisely informed by how your employees operate can significantly boost employee wellbeing. Far from being robotic and inhuman, technology can ensure a healthy and more holistic focus when it comes to business operations.

      Flexible Solutions:

      When looking for the right solution for your organisation, it’s important for the technology to be the right fit for your needs. It must be easily manageable and simple to maintain with the resources available. Organisations need flexible service levels that fit around the exact needs of the business. For example, smaller organisations may lack the internal resources to ensure that staff are regularly trained and that all technology is up-to-date. In this case, they may be best suited to a comprehensive service in which the provider does everything from interpreting the data to dealing with queries form the workforce and transferring data to third parties. In fact, it may be possible to have outsourced payroll experts that work onsite as part of your internal team to provide tailored and continued support.

      For growing companies, it’s vital to strike the perfect balance with your technology solution, starting simple but with a view to scaling the technology for future growth of the organisation is undoubtedly the best way forward. Without having to worry about continual and significant investment in technology and expertise to match the organisation’s growth, working with a suitable provider ensures that the solution matches the needs at every step. Whether expanding into new regions or onboarding new staff to grow the workforce, with a continual and predictable investment in a payroll provider, you can have support from a large pool of experts stationed around the world ensuring continuity in every area of the business.

        Considering the Cost:

        Cost is always a top level consideration when looking to introduce new processes into the business. By calculating the Total Cost of Ownership of HR and payroll, the business can have a much better overview of the total costs in this area, alongside a breakdown of expenses by service.

        In fact, utilising an external provider can often reduce HR and payroll costs significantly as well as improving the overall service level. Gone are the unpredictable costs and huge investments in technology as operations are based on regular deliverables and agreed contracts that ensure transparency. With these reliable and advanced insights into cost, the business can budget months in advance. The contracts with the provider also ensure that both employees and the board can expect a high level of service at all times and in every country.

        Non-compliance of data-privacy laws can be a significant point of stress for businesses around the world as well as they run the risk of further unpredictable costs. However, when working with a provider whose core business goal is to be compliant for its many customers around Europe and globally, it’s certain that they will be on top of new developments in regulations and laws and have the relevant expertise to avoid any resulting fines or brand damage for your business.
         

          Learn more about SD Worx and how we bring people solutions to life.

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